Iran and Brazil seek roadmap to expand economic and trade cooperation

Iran and Brazil have agreed to work towards a joint roadmap for expanding economic cooperation, with officials highlighting trade facilitation, private-sector engagement and stronger investment ties between the two countries, as reported by IRNA, a TV BRICS partner.

The agreement was discussed on the sidelines of the First BRICS Finance Ministers' and Central Bank Governors' Meeting in Jaipur, India, where Iran's Deputy Minister of Economic Affairs and Finance Mahdi Heidari met Brazil's Vice Minister of Economy for International Affairs, Matias Alencastro.

The officials reviewed existing economic and trade opportunities and stressed the need for a coordinated framework that could support private-sector activity and increase bilateral trade.

A key focus was the development of practical mechanisms to facilitate business cooperation. Heydari welcomed Brazil's support for Iran's membership of the New Development Bank (NDB) and pointed to complementary production capabilities and economic needs in both countries as a basis for expanding trade.

The two sides further identified the stability of supply and value chains as an important condition for sustainable growth in economic exchanges.

Agriculture emerged as another area with significant potential. Iran and Brazil discussed expanding agricultural cooperation, including the exchange of goods required by both markets, while exploring the creation of a reliable mechanism to facilitate trade.

The officials also addressed investment cooperation. With Iranian and Brazilian investors already active in each other's markets, the two countries agreed on the importance of advancing negotiations on key economic agreements.

These include an agreement to avoid double taxation and a framework for the promotion and reciprocal protection of investments, which could provide additional support for cross-border business activity.

The meeting comes as both countries seek to broaden economic ties and identify new channels for trade cooperation. The proposed roadmap is intended to translate existing opportunities into practical mechanisms for increasing bilateral commerce and strengthening private-sector participation.

Iran and Brazil agreed to continue consultations and follow up on the measures discussed, with the aim of deepening economic relations and creating conditions for greater participation by businesses from both countries.